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Paperclip Labs
@papercliplabs
Based on the feedback from the recent treasury NounSwap proposals and collaboration with @frog, we are working on the TimelockNFTSwapper contact to enable permissonless treasury Noun swapping. More in the thread below 👇 We invite the community to read the spec and provide any feedback or ask questions: https://github.com/papercliplabs/noun-swap/blob/swap-contract/contracts/specs/TimelockNFTSwapper/TimelockNFTSwapperSpec.md
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Paperclip Labs
@papercliplabs
Permissionless Swapping 🔑 We're proposing to make all treasury Nouns available for permissionless swapping by approving TimelockNFTSwapper for all treasury Nouns. This eliminates the need for swap proposals, saving both gas and time.
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Paperclip Labs
@papercliplabs
New Revenue Stream 💰 Every swap will have a fee that goes to the DAO, unlocking a new revenue source. Fees are determined on a price curve that considers the difference in nounID, ensuring non-fungibility is maintained while helping members find their forever Noun.
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Paperclip Labs
@papercliplabs
The Timelock ⏱️ Swapping is a two-step process with a timelock waiting period to prevent potential misuse. Without the timelock, it opens the possibility for a malicious actor to prevent the treasury from moving Nouns. For example, if a proposal is asking for a Noun, a malicious actor could come swap for that Noun before execution, causing it to fail. The timelock prevents this by setting a queue time longer than the DAO's proposal timeline.
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Paperclip Labs
@papercliplabs
Your feedback is crucial. We want to build this in public together with the Nouns community. Please feel free share any feedback with us either publicly or privately. You can leave a comment in the spec, dm us or reply to this thread.
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